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Justice Department Okays Money Transmitter Agent Database Plan
printThe U.S. Justice Department has cleared the way for a New Jersey anti-money laundering consultant to collect and distribute information about terminated money transmitter agents. The go-ahead, given Tuesday, is in response to a query by Fort Lee, NJ-base External Compliance Officer, Inc. about whether such a program would violate antitrust laws. The company intends to offer access to a database that would allow money transmitters to see if an agent had been terminated previously for compliance violations. On Tuesday, the Justice Department appeared to not only okay the plan but to endorse it as well. "Information of this type...
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